Snap-on Announces Fourth Quarter and Full Year 2014 Results

Diluted EPS of $1.97 for the quarter increases 23.1%;

Operating earnings before financial services of 16.9% of sales in the quarter improves 140 basis points;

Organic sales up 9.8% in the quarter

KENOSHA, Wis.--(BUSINESS WIRE)--Feb. 5, 2015-- Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced 2014 operating results for the fourth quarter and full year.

• Sales of $857.4 million in the quarter increased $59.9 million, or 7.5%, from 2013 levels; excluding $21.5 million of unfavorable foreign currency translation and $5.7 million of acquisition-related sales, organic sales increased 9.8%.
• Operating earnings before financial services of $145.2 million in the quarter improved to 16.9% of sales as compared to $123.6 million, or 15.5% of sales, last year.
• Financial services operating earnings in the quarter were $42.2 million on revenues of $59.4 million; originations of $232.2 million in the quarter increased $34.6 million from 2013 levels.
• Consolidated operating earnings of $187.4 million in the quarter improved to 20.4% of revenues (net sales plus financial services revenue) as compared to $156.6 million, or 18.5% of revenues, last year.
• The effective income tax rate was 32.1% in the fourth quarters of both 2014 and 2013.
• Fourth quarter 2014 net earnings of $116.2 million, or $1.97 per diluted share, compared to net earnings of $94.5 million, or $1.60 per diluted share, a year ago.
• Full year 2014 sales of $3,277.7 million increased 7.2% from 2013 levels; excluding $37.0 million of acquisition-related sales and $25.3 million of unfavorable foreign currency translation, organic sales increased 6.9%. Full year 2014 net earnings of $421.9 million, or $7.14 per diluted share, compared to net earnings of $350.3 million, or $5.93 per diluted share, last year.

“Our fourth quarter results, including a 9.8% organic increase in net sales, a 140 basis point improvement in operating margin before financial services, and a 23.1% gain in diluted earnings per share, represent an encouraging finish to 2014,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “For the full year, despite headwinds, we achieved a 6.9% growth in organic sales and a 20.4% increase in diluted earnings per share, once again confirming the strength of Snap-on’s value proposition to make work easier for serious professionals performing critical tasks in workplaces of consequence. In 2015, we believe we will continue to reach more and more of these professionals by advancing further along each of our runways for coherent growth while, at the same time, making ongoing operating progress through our Snap-on Value Creation Processes in the areas of safety, quality, customer connection, innovation and rapid continuous improvement. As always, I thank our franchisees and associates for their significant contributions to our team. Without their capability and commitment, these results would not have been possible.”

Segment Results

Commercial & Industrial Group segment sales of $298.2 million in the quarter increased $15.0 million, or 5.3%, from 2013 levels. Excluding $11.9 million of unfavorable foreign currency translation, organic sales increased $26.9 million, or 9.9%, primarily due to higher volume with customers in critical industries, as well as increased sales in the segment’s European-based hand tools and Asia/Pacific operations.

Operating earnings of $40.5 million in the period increased $3.4 million from 2013 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.6% improved 50 basis points from 13.1% a year ago.

Snap-on Tools Group segment sales of $387.5 million in the quarter rose $36.4 million, or 10.4%, from 2013 levels, reflecting sales increases in both the company’s U.S. and international franchise operations. Excluding $4.5 million of unfavorable foreign currency translation, organic sales increased 11.8%.

Operating earnings of $63.9 million in the period increased $12.9 million from 2013 levels, and the operating margin of 16.5% improved 200 basis points from 14.5% a year ago.

Repair Systems & Information Group segment sales of $282.8 million in the quarter increased $18.2 million, or 6.9%, from 2013 levels. Excluding $5.7 million of acquisition-related sales and $5.5 million of unfavorable foreign currency translation, organic sales increased $18.0 million, or 6.9%, primarily due to higher sales of undercar equipment, increased sales to OEM dealerships, and higher sales of diagnostic and repair information products to independent repair shop owners and managers.

Operating earnings of $65.2 million in the fourth quarter of 2014 increased $4.4 million from 2013 levels, and the operating margin of 23.1% improved 10 basis points from 23.0% a year ago.

Financial Services operating earnings of $42.2 million on revenue of $59.4 million in the quarter, compared to operating earnings of $33.0 million on revenue of $47.4 million a year ago.

Corporate expenses of $24.4 million in the quarter compared to expenses of $25.3 million last year.

Outlook

In 2015, Snap-on expects to make continued progress along its defined runways for coherent growth, leveraging capabilities already demonstrated in the automotive repair arena and developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including in critical industries, where the cost and penalties for failure can be high. Through continued deployment of its Snap-on Value Creation Processes, Snap-on also anticipates making further progress in 2015 in the areas of safety, quality, customer connection, innovation and rapid continuous improvement. In pursuit of these initiatives, Snap-on expects that capital expenditures in 2015 will be in a range of $80 million to $90 million. Snap-on also anticipates that its full year 2015 effective income tax rate will be at or below its 2014 full year rate.

Conference Call and Webcast on February 5, 2015, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, February 5, 2015, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit http://www.snapon.com/sna and click on the link to the webcast. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website under the tabs Investor Information / Investor Events / Company Presentations.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.3 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 28, 2013, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
				Fourth Quarter								Full Year
				2014				2013				2014				2013
Net sales				$	857.4			$	797.5			$	3,277.7			$	3,056.5
Cost of goods sold					(446.1	)			(419.0	)			(1,693.4	)			(1,583.6	)
Gross profit					411.3				378.5				1,584.3				1,472.9
Operating expenses					(266.1	)			(254.9	)			(1,048.7	)			(1,012.4	)
Operating earnings before financial services					145.2				123.6				535.6				460.5
Financial services revenue					59.4				47.4				214.9				181.0
Financial services expenses					(17.2	)			(14.4	)			(65.8	)			(55.3	)
Operating earnings from financial services					42.2				33.0				149.1				125.7
Operating earnings					187.4				156.6				684.7				586.2
Interest expense					(13.8	)			(14.3	)			(52.9	)			(56.1	)
Other income (expense) – net					(0.2	)			(0.8	)			(0.9	)			(3.9	)
Earnings before income taxes and equity earnings					173.4				141.5				630.9				526.2
Income tax expense					(54.9	)			(44.6	)			(199.5	)			(166.7	)
Earnings before equity earnings					118.5				96.9				431.4				359.5
Equity earnings, net of tax					0.2				-				0.7				0.2
Net earnings					118.7				96.9				432.1				359.7
Net earnings attributable to noncontrolling interests					(2.5	)			(2.4	)			(10.2	)			(9.4	)
Net earnings attributable to Snap-on Inc.				$	116.2			$	94.5			$	421.9			$	350.3
Net earnings per share attributable to Snap-on Inc.:
		Basic		$	2.00			$	1.63			$	7.26			$	6.02
		Diluted			1.97				1.60				7.14				5.93
Weighted-average shares outstanding:
		Basic			58.1				58.1				58.1				58.2
		Effect of dilutive securities			1.0				1.0				1.0				0.9
		Diluted			59.1				59.1				59.1				59.1

SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
		Fourth Quarter									Full Year
		2014				2013					2014				2013
Net sales:
Commercial & Industrial Group		$	298.2			$	283.2				$	1,174.8			$	1,091.0
Snap-on Tools Group			387.5				351.1					1,455.2				1,358.4
Repair Systems & Information Group			282.8				264.6					1,095.2				1,009.6
Segment net sales			968.5				898.9					3,725.2				3,459.0
Intersegment eliminations			(111.1	)			(101.4	)				(447.5	)			(402.5	)
Total net sales		$	857.4			$	797.5				$	3,277.7			$	3,056.5
Financial Services revenue			59.4				47.4					214.9				181.0
Total revenues		$	916.8			$	844.9				$	3,492.6			$	3,237.5
Operating earnings:
Commercial & Industrial Group		$	40.5			$	37.1				$	158.6			$	137.3
Snap-on Tools Group			63.9				51.0					223.1				194.6
Repair Systems & Information Group			65.2				60.8					251.2				231.9
Financial Services			42.2				33.0					149.1				125.7
Segment operating earnings			211.8				181.9					782.0				689.5
Corporate			(24.4	)			(25.3	)				(97.3	)			(103.3	)
Operating earnings		$	187.4			$	156.6				$	684.7			$	586.2
Interest expense			(13.8	)			(14.3	)				(52.9	)			(56.1	)
Other income (expense) – net			(0.2	)			(0.8	)				(0.9	)			(3.9	)
Earnings before income taxes and equity earnings		$	173.4			$	141.5				$	630.9			$	526.2

SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
				Fiscal Year End
				2014				2013
Assets
	Cash and cash equivalents			$	132.9			$	217.6
	Trade and other accounts receivable – net				550.8				531.6
	Finance receivables – net				402.4				374.6
	Contract receivables – net				74.5				68.4
	Inventories – net				475.5				434.4
	Deferred income tax assets				101.0				85.4
	Prepaid expenses and other assets				121.5				84.2
		Total current assets			1,858.6				1,796.2
	Property and equipment – net				404.5				392.5
	Deferred income tax assets				93.2				57.1
	Long-term finance receivables – net				650.5				560.6
	Long-term contract receivables – net				242.0				217.1
	Goodwill				810.7				838.8
	Other intangibles – net				203.3				190.5
	Other assets				47.3				57.2
Total assets				$	4,310.1			$	4,110.0
Liabilities and Equity
	Notes payable and current maturities of long-term debt			$	56.6			$	113.1
	Accounts payable				145.0				155.6
	Accrued benefits				53.8				48.1
	Accrued compensation				99.2				95.5
	Franchisee deposits				65.8				59.4
	Other accrued liabilities				298.3				243.7
		Total current liabilities			718.7				715.4
	Long-term debt				862.7				858.9
	Deferred income tax liabilities				159.2				143.8
	Retiree health care benefits				42.5				41.7
	Pension liabilities				217.9				135.8
	Other long-term liabilities				83.8				84.0
		Total liabilities			2,084.8				1,979.6
	Equity
		Shareholders' equity attributable to Snap-on Inc.
		Common stock			67.4				67.4
		Additional paid-in capital			254.7				225.1
		Retained earnings			2,637.2				2,324.1
		Accumulated other comprehensive loss			(248.2	)			(44.8	)
		Treasury stock at cost			(503.3	)			(458.6	)
		Total shareholders' equity attributable to Snap-on Inc.			2,207.8				2,113.2
		Noncontrolling interests			17.5				17.2
		Total equity			2,225.3				2,130.4
Total liabilities and equity				$	4,310.1			$	4,110.0

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
					Fourth Quarter
					2014				2013
Operating activities:
Net earnings					$	118.7			$	96.9
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
	Depreciation					14.2				12.9
	Amortization of other intangibles					6.3				6.1
	Provision for losses on finance receivables					7.6				5.4
	Provision for losses on non-finance receivables					3.6				2.5
	Stock-based compensation expense					10.8				9.6
	Excess tax benefits from stock-based compensation					(3.6	)			(3.3	)
	Deferred income tax provision					6.3				6.7
	Loss on sale of assets					0.2				-
Changes in operating assets and liabilities:
	(Increase) decrease in trade and other accounts receivable					4.3				(14.2	)
	Increase in contract receivables					(5.8	)			(2.3	)
	(Increase) decrease in inventories					(3.6	)			3.5
	(Increase) decrease in prepaid and other assets					(18.7	)			15.2
	Decrease in accounts payable					(23.6	)			(8.3	)
	Decrease in accruals and other liabilities					(19.5	)			(8.2	)
Net cash provided by operating activities						97.2				122.5
Investing activities:
	Additions to finance receivables					(197.0	)			(168.9	)
	Collections of finance receivables					166.3				135.1
	Capital expenditures					(17.3	)			(19.9	)
	Disposal of property and equipment					0.2				7.7
	Other					1.8				1.5
Net cash used by investing activities						(46.0	)			(44.5	)
Financing activities:
	Proceeds from short-term borrowings					-				1.7
	Repayments of short-term borrowings					-				(1.9	)
	Net decrease in other short-term borrowings					(1.5	)			(4.0	)
	Cash dividends paid					(30.8	)			(25.5	)
	Purchases of treasury stock					(11.8	)			(15.1	)
	Proceeds from stock purchase and option plans					2.2				1.3
	Excess tax benefits from stock-based compensation					3.6				3.3
	Other					(2.9	)			(2.5	)
Net cash used by financing activities						(41.2	)			(42.7	)
Effect of exchange rate changes on cash and cash equivalents						(1.8	)			(0.2	)
Increase in cash and cash equivalents						8.2				35.1
Cash and cash equivalents at beginning of period						124.7				182.5
Cash and cash equivalents at end of year					$	132.9			$	217.6
Supplemental cash flow disclosures:
	Cash paid for interest				$	(1.7	)		$	(1.6	)
	Net cash paid for income taxes					(55.3	)			(45.6	)

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
					Full Year
					2014				2013
Operating activities:
Net earnings					$	432.1			$	359.7
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
	Depreciation					54.8				51.2
	Amortization of other intangibles					24.7				25.5
	Provision for losses on finance receivables					27.4				20.4
	Provision for losses on non-finance receivables					14.3				10.4
	Stock-based compensation expense					38.1				38.5
	Excess tax benefits from stock-based compensation					(13.9	)			(9.8	)
	Deferred income tax provision					3.2				9.5
	Loss on sale of assets					0.4				-
Changes in operating assets and liabilities, net of effects of acquisitions:
	Increase in trade and other accounts receivable					(57.4	)			(42.0	)
	Increase in contract receivables					(37.5	)			(33.7	)
	Increase in inventories					(61.1	)			(32.0	)
	Increase in prepaid and other assets					(50.9	)			(10.3	)
	Increase (decrease) in accounts payable					(7.0	)			8.4
	Increase (decrease) in accruals and other liabilities					30.7				(3.2	)
Net cash provided by operating activities						397.9				392.6
Investing activities:
	Additions to finance receivables					(746.2	)			(651.3	)
	Collections of finance receivables					591.4				508.8
	Capital expenditures					(80.6	)			(70.6	)
	Acquisitions of businesses					(41.3	)			(38.2	)
	Disposal of property and equipment					0.8				8.4
	Other					2.7				(7.5	)
Net cash used by investing activities						(273.2	)			(250.4	)
Financing activities:
	Repayment of long-term debt					(100.0	)			-
	Proceeds from short-term borrowings					4.9				3.3
	Repayments of short-term borrowings					(1.6	)			(2.4	)
	Net increase in other short-term borrowings					41.7				8.1
	Cash dividends paid					(107.6	)			(92.0	)
	Purchases of treasury stock					(79.3	)			(82.6	)
	Proceeds from stock purchase and option plans					33.0				29.2
	Excess tax benefits from stock-based compensation					13.9				9.8
	Other					(11.9	)			(11.2	)
Net cash used by financing activities						(206.9	)			(137.8	)
Effect of exchange rate changes on cash and cash equivalents						(2.5	)			(1.3	)
Increase (decrease) in cash and cash equivalents						(84.7	)			3.1
Cash and cash equivalents at beginning of year						217.6				214.5
Cash and cash equivalents at end of year					$	132.9			$	217.6
Supplemental cash flow disclosures:
	Cash paid for interest				$	(52.8	)		$	(55.5	)
	Net cash paid for income taxes					(191.2	)			(162.9	)

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
				Operations*								Financial Services
				Fourth Quarter								Fourth Quarter
				2014				2013				2014				2013
Net sales				$	857.4			$	797.5			$	-			$	-
Cost of goods sold					(446.1	)			(419.0	)			-				-
Gross profit					411.3				378.5				-				-
Operating expenses					(266.1	)			(254.9	)			-				-
Operating earnings before financial services					145.2				123.6				-				-
Financial services revenue					-				-				59.4				47.4
Financial services expenses					-				-				(17.2	)			(14.4	)
Operating earnings from financial services					-				-				42.2				33.0
Operating earnings					145.2				123.6				42.2				33.0
Interest expense					(13.6	)			(14.1	)			(0.2	)			(0.2	)
Intersegment interest income (expense) – net					15.3				12.5				(15.3	)			(12.5	)
Other income (expense) – net					(0.2	)			(0.8	)			-				-
Earnings before income taxes and equity earnings					146.7				121.2				26.7				20.3
Income tax expense					(45.1	)			(37.2	)			(9.8	)			(7.4	)
Earnings before equity earnings					101.6				84.0				16.9				12.9
Financial services – net earnings
attributable to Snap-on Inc.					16.9				12.9				-				-
Equity earnings, net of tax					0.2				-				-				-
Net earnings					118.7				96.9				16.9				12.9
Net earnings attributable to noncontrolling interests					(2.5	)			(2.4	)			-				-
Net earnings attributable to Snap-on Inc.				$	116.2			$	94.5			$	16.9			$	12.9
* Snap-on Inc. with Financial Services on the equity method.
Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
				Operations*								Financial Services
				Full Year								Full Year
				2014				2013				2014				2013
Net sales				$	3,277.7			$	3,056.5			$	-			$	-
Cost of goods sold					(1,693.4	)			(1,583.6	)			-				-
Gross profit					1,584.3				1,472.9				-				-
Operating expenses					(1,048.7	)			(1,012.4	)			-				-
Operating earnings before financial services					535.6				460.5				-				-
Financial services revenue					-				-				214.9				181.0
Financial services expenses					-				-				(65.8	)			(55.3	)
Operating earnings from financial services					-				-				149.1				125.7
Operating earnings					535.6				460.5				149.1				125.7
Interest expense					(52.2	)			(54.6	)			(0.7	)			(1.5	)
Intersegment interest income (expense) – net					56.7				47.7				(56.7	)			(47.7	)
Other income (expense) – net					(0.8	)			(4.0	)			(0.1	)			0.1
Earnings before income taxes and equity earnings					539.3				449.6				91.6				76.6
Income tax expense					(165.8	)			(138.6	)			(33.7	)			(28.1	)
Earnings before equity earnings					373.5				311.0				57.9				48.5
Financial services – net earnings
attributable to Snap-on Inc.					57.9				48.5				-				-
Equity earnings, net of tax					0.7				0.2				-				-
Net earnings					432.1				359.7				57.9				48.5
Net earnings attributable to noncontrolling interests					(10.2	)			(9.4	)			-				-
Net earnings attributable to Snap-on Inc.				$	421.9			$	350.3			$	57.9			$	48.5
* Snap-on Inc. with Financial Services on the equity method.
Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
				Operations*						Financial Services
				Fiscal Year End						Fiscal Year End
				2014			2013			2014			2013
Assets
	Cash and cash equivalents			$	132.8		$	214.4		$	0.1		$	3.2
	Intersegment receivables				16.0			15.3			-			-
	Trade and other accounts receivable – net				550.5			531.1			0.3			0.5
	Finance receivables – net				-			-			402.4			374.6
	Contract receivables – net				7.6			7.0			66.9			61.4
	Inventories – net				475.5			434.4			-			-
	Deferred income tax assets				85.4			71.1			15.6			14.3
	Prepaid expenses and other assets				125.5			88.1			0.9			1.3
		Total current assets			1,393.3			1,361.4			486.2			455.3
	Property and equipment – net				403.4			390.9			1.1			1.6
	Investment in Financial Services				218.9			193.7			-			-
	Deferred income tax assets				92.9			56.8			0.3			0.3
	Intersegment long-term notes receivable				232.1			9.6			-			-
	Long-term finance receivables – net				-			-			650.5			560.6
	Long-term contract receivables – net				12.8			12.0			229.2			205.1
	Goodwill				810.7			838.8			-			-
	Other intangibles – net				203.3			190.5			-			-
	Other assets				50.9			58.9			1.0			1.1
Total assets				$	3,418.3		$	3,112.6		$	1,368.3		$	1,224.0
Liabilities and Equity
	Notes payable and current maturities of long-term debt			$	56.6		$	13.1		$	-		$	100.0
	Accounts payable				144.7			150.7			0.3			4.9
	Intersegment payables				-			-			16.0			15.3
	Accrued benefits				53.8			48.1			-			-
	Accrued compensation				95.2			91.9			4.0			3.6
	Franchisee deposits				65.8			59.4			-			-
	Other accrued liabilities				285.0			229.5			18.2			22.2
		Total current liabilities			701.1			592.7			38.5			146.0
	Long-term debt and intersegment long-term debt				-			-			1,094.8			868.5
	Deferred income tax liabilities				158.6			142.7			0.6			1.1
	Retiree health care benefits				42.5			41.7			-			-
	Pension liabilities				217.9			135.8			-			-
	Other long-term liabilities				72.9			69.3			15.5			14.7
		Total liabilities			1,193.0			982.2			1,149.4			1,030.3
	Total shareholders' equity attributable to Snap-on Inc.				2,207.8			2,113.2			218.9			193.7
	Noncontrolling interests				17.5			17.2			-			-
		Total equity			2,225.3			2,130.4			218.9			193.7
Total liabilities and equity				$	3,418.3		$	3,112.6		$	1,368.3		$	1,224.0
* Snap-on Inc. with Financial Services on the equity method.
Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

Source: Snap-on Incorporated

Snap-on Incorporated
Investors:
Leslie Kratcoski
262/656-6121
or
Media:
Richard Secor
262/656-5561